Now that the economy is starting to come around again, there have most likely been some new construction projects in your area. I’m not sure there’s anything that I love more than watching a house being built from day to day. If you don’t pay careful attention from one day to the next, you might not even notice a difference in the construction, but whether it’s work on the foundation or wiring the electrical, there’s always something being added to that construction.
Much like building a residential property, your financial house can only be built one step at a time as well! And, while sometimes it seems like it takes forever, if you stick with your original blueprint of debt payments and increased savings, you’ll soon be on your way to building one heck of a sound financial mansion!
What Is Your Blueprint?
What are you working towards in your distant future? Do you want to travel around the world? Do you want to pay off your house and reside there until your final days in life? Do you want to leave your grandkids a paid-for college education? Or, maybe you’d like to relax at your cottage on the beach? You could really dream up anything you want. If you’d like to own your own island, I bet you could achieve that too! All you have to do is make a plan to get there! That plan is also known as your financial blueprint.
For me, I’d like to retire within my current area, but I’d also like to travel quite frequently and live near Lake Michigan. If I tried to achieve these future goals (simple as they may be), I’d still most likely fall short without creating a blueprint. To achieve these things, I plan on owning and renting out real estate. With my decent income and minimal expenses, I could invest in my first property within the next 3 years, and then can purchase a new rental property every other year after that. Once I acquire 10 properties, I will be earning enough money to retire and do all of the things I’ve always wanted to.
Of course, my blueprint is quite a bit more complex than what I’ve just mentioned, but this post isn’t about me, it’s about you! Write down all the things that you’d like to do in your life, find out what it would take to live out your dreams, and then calculate the dollars necessary to get there! If you need help with your financial blueprint, don’t be afraid to email me (use the “Contact” tab at the top of this page)!
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.